All business expansion is not created equal, and in fact, expanding in certain areas before you have a strong foundation in others can often create more problems than benefits for small business owners. One of the biggest challenges they face is often identifying where they have a potential for growth, and when. Timing is crucial as well when planning business developments, as markets are not always static and opportunities can come and go, some better than others. That’s why small business owners need to create firm foundations for their success and build out their business’s fundamentals before they extend to other areas of development. Here are some foundations for business owners to build before they start to delve into other areas. Before diversifying your offerings, identify where you can improve your sales. If you are looking at expanding your products or the services that you offer before you have taken a hard look at your core business, you should slow down. It could be the case

For businesses reliant on payment of contracts for cash flows, it can be tough to maneuver without readily available capital. Using bad credit business loan alternatives in conjunction with some strategy can help get around this issue. Small business owners have both unique advantages and disadvantages when it comes to bidding for competitive contracts, and in order for them to play to their strengths and minimize their weaknesses, they need as much mobility as possible. When contract based businesses need to finance an addition to their business in order to win over a particularly important contract, it can take a long time for them to apply for a tradition business loan making it not the ideal choice for capital. Bad credit business loan alternatives can often be put to good effect in these situations because of their more lenient underwriting requirements, making them much faster to get approved for. Bad credit business loan alternatives can be used situationally. Since bad credit business loan alternatives are relationship based

As the Summer months get closer and closer, students all across the country are beginning to look for placement in internships where they can sharpen their skills and gain some real world experience. Taking on an intern at your small business can potentially help you manage your business more easily with the help of a motivated younger professional, which can have a very positive effect on your ability to get more done. Grooming interns is a great way to create a pool of fresh, talented, and most importantly, pre-trained potential full time employees, and training prospective hires as interns is more cost effective than giving them lengthy on the job training, as interns will usually work for either class credit, hourly wage, or stipend. Interested in having interns? Define your program before you begin your search. While as a general rule there are more prospective interns than internships, you are still going to want to try to attract the best and brightest from among to group

Bad credit business financing it tough enough without accounting for lost employee productivity. However, as a small business owner you need to realize that your employees are just as human as you are, and subject to emergencies that will take them out of the office from time to time. Preventing these gaps in productivity outright is impossible, but minimizing the time that your employees need to take off from wok is possible through  promoting a company culture of health, positivity and communication. Health consciousness can keep sick days down. Every year, flu season comes at around the same time, and each year, thousands of workers lose time in the office. Make your employees aware of basic healthy practices such as getting their flu shots, washing their hands regularly and drinking the recommended amount of water each day in order to keep their immune systems strong. Something as simple as a company-wide email combined with posters in bathrooms and common areas can have a real impact on how

A small business’s website will often contain an order form or other type of application that can turn the web traffic the page gets into leads. Besides the obvious benefit of creating more business, lead creation forms can also give small business owners some self -reported information on who is visiting their website and converting. Business owners can be surprised to find that their service appeals to a demographic on the web that does not frequent its physical location, and the information they gather surrounding a lead allows for a finer picture of core client bases to emerge as well. More fields means more information, but more “friction”. Business owners should respect the utility of an application for gathering information on customers. While you may only need a couple of questions answered in order to determine if you can do business with a prospective applicant, it may behoove you to also ask information regarding their age, sex, location, contact information or whatever you need to know

As changing demographics of small business owners in the US are challenging stereotypes surrounding who can be a successful entrepreneur, the question of age is also increasingly part of the picture. Both older and younger entrepreneurs are getting media coverage as they are creating businesses and success that isn’t typically associated with their age groups. The challenging economy, which is slowly recovering, seems to have been rewarding small business owners who are willing to step outside the bounds of norms. This includes a rising trend of young people driving high growth businesses, and business owners who are over the age of retirement, many of whom have lengthy career histories but either wanted to try something new or have been forced to create another business by their economic situations. Younger entrepreneurs: still outnumbered, but doing big things. The Small business owners in the under 40 bracket have been getting a lot of attention. Not only do young people make great hires, due to the fact that they

Commercial trucking financing plans have been put out of whack by snows. This winter, small business owners in the logistics industry have felt the same negative effects as other small business owners due to the cold weather. The difference between logistics and other business models, however, is that small businesses in areas that are not as strongly effected by the snows have still felt the impact in their revenues, making commercial trucking businesses into some of the more widely effected business models. Trucking financing can be dependent on driver pay, and lost hours still need to come from somewhere. One point mentioned in an article from WRCBTV Chattanooga is the fact that, as drivers are caught in snow storms and are unable to make deliveries, they are still drawing billable driving hours that can’t be rolled over onto customers. This can mean that a period of snow related delays can create serious consequences for small business owners who are still required to make payroll. The limitations of

Running a small business loans a multitude of interesting challenges and variables to each week, some good, and some bad. When things are going your way, there are few experiences as rewarding as being in control of the growth of your successful business, however along with the high points there are the lows. When there is a problem within your business, sometimes the most painful part of fixing it is fully acknowledging what went wrong and why. Accountability within business is both an important, and unfortunately, tough to cultivate virtue, but the effort that is put in to promoting an accountable culture is worth it as it will help your business move forwards faster and address issues before they have a chance to become major problems. Here are some ways that your business can develop a more accountable culture, and embrace common sense principles that make the work environment a better place to be. Don’t wait to relate an issue. When communication breaks down in a

According to a release from Reuters, small business owners borrowed more money in January than they did last year during the same month, despite the spate of particularly cold weather that has continued to effect much of the continental US. Consequently, small business have been reporting negative impacts on their businesses. Many indicators outside of small business loans have not gone up as a result of the freeze. While an increase in the volume of business loans usually signals an increase in hiring down the road, other indicators of increased economic activity did not fare as well. Regardless, since business loans are often used in order to obtain new equipment or increase the capacity of production within a business, the hiring of new personnel is still likely to increase in the next couple of quarters, especially as businesses with seasonal increases in volume move into their busy season. Despite this, consumer sentiment was reported as increasing slightly. The feeling that the economy will continue to head in

Bad credit business loans are a common search term for business owners who are looking for capital, but have a bad credit score that has gotten them rejected from traditional business loan programs. The only problem is, bad credit business loans don’t really exist, so to speak. What one will typically find when looking for a bad credit business loan is a merchant cash advance, which is a type of unsecured financing that is based off of a business’s revenues and therefore able to be underwritten without a minimum credit score on the part of the applying business owner. You may be wondering what the real difference is between a bad credit business loan and a merchant cash advance product. Alternatives to bad credit business loans. One of the biggest differences is in the way that these two kinds of financing are underwritten. For a business loan, it’s typical to have to put down a percentage of the loan up front, or collateral in the form

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